Incheon Namdong Industrial Complex Regeneration Project Resident Briefing Held... Phase 1 to be Promoted Until 2024

Namdong National Industrial Complex [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] Incheon City announced on the 16th that it held a public inspection and residents' briefing session for the draft environmental impact assessment report of the implementation plan related to the regeneration project of Namdong National Industrial Complex.

The Namdong National Industrial Complex saw the completion of Phase 1 in 1989 and Phase 2 in 1992, becoming a hub for small and medium-sized enterprises. Subsequently, the Phase 3 development project was completed in 1997, and through approvals of the industrial complex structural advancement plan and changes to the basic management plan, it has reached its current state.

As of the fourth quarter of last year, the number of resident companies was 6,816, and the workforce reached 103,086, making it the heart of Incheon's economy.

In July 2015, marking 30 years since its establishment, Namdong Industrial Complex was selected as a target site for strengthening industrial complex competitiveness. Following the public inspection announcement of the regeneration plan draft in 2018, Incheon City pursued the designation notification of the regeneration project district in 2019. Subsequently, the city prepared the draft implementation plan for regeneration and held a public inspection and residents' briefing session for the environmental impact assessment report on the 10th of this month.

As the first phase, from next year until 2024, the city plans to transform Namdong Industrial Complex into a competitive industrial complex by promoting infrastructure expansion, green space enhancement, and environmental improvement projects.

With a total project cost of 30.6 billion KRW, the city will create an underground parking lot within Namdong Industrial Complex, rest areas near Nonhyeonpodae Neighborhood Park, walking trails and resting spots along Seunggi Stream, and carry out road environment improvement projects on Namdong-daero.

An Incheon City official stated, "Upon completion of the Namdong Industrial Complex regeneration project, we expect not only strengthened industrial complex competitiveness but also improved residential environment and revitalization of the construction industry," adding, "The economic ripple effect is projected to reach 90.3 billion KRW, and the employment ripple effect is expected to be 392 people."